Jerry lives in New Mexico and makes $52,000 a year. If the median annual income in New Mexico is $53,731 and the median annual i

Question

sertanlavr [38]

3 years ago

12

Jerry lives in New Mexico and makes $52,000 a year. If the median annual income in New Mexico is $53,731 and the median annual i

ncome in the United States as a whole is $50,233, is Jerry likely to qualify for Chapter 7 bankruptcy?

Business

2 answers:

MAVERICK [17] · Answer 1 · 2022-07-27T05:53:18+03:00

MAVERICK [17]3 years ago

8 0

Yes, Jerry is likely to qualify, since his yearly income is below the median annual income of New Mexico.

Anna [14] · Answer 2 · 2022-07-27T07:16:54+03:00

Answer:

Yes, Jerry is likely to qualify for Chapter 7 bankruptcy

Explanation:

A requirement to qualify for Chapter 7 bankruptcy is to have an income that is below the median level in the state that the person lives. So, considering that the median annual income in New Mexico is $53,731 and Jerry makes $52,000, he is likely to qualify for Chapter 7 bankruptcy.